Fiduciary Rule

What would a Secretary Scalia mean for fiduciary rulemaking?

Earlier today, I spoke with Fund Intelligence regarding the President’s initial decision to nominate Eugene Scalia as the next Secretary of Labor. His background suggests “an even more deliberative approach” to fiduciary rulemaking, namely, the promulgation of guidance and rules that will safely survive a court challenge. The most likely approach of a DOL under Scalia is the proposal of exemptive relief and other rules that lower compliance costs, meaning that it is unlikely that the DOL would expand the ways in which one becomes an investment advice fiduciary under ERISA.

GAO asked to evaluate how DOL Fiduciary Rule affected financial services

Politico Pro is reporting that House Education and Labor Chairman Bobby Scott (D-VA) and Senator Patty Murray (D-WA) have asked the Government Accountability Office (GAO) to evaluate  how the now-defunct 2016 Department of Labor Fiduciary Rule affected financial services.

A timeline of the long road of fiduciary/best interest rulemakings

How the states are trying to revive the DOL fiduciary rule

Wealth Management Magazine just ran a story on how the states are attempting to revive the DOL Fiduciary Rule in their own image. As part of my interview, I say: “To me, there’s no question that the Department of Labor fiduciary rule is a bit of the ideal paradigm in terms of governance (for these states).” This is true, but the DOL rule appears to also be a litmus test for some of the states in evaluating Regulation Best Interest (Reg BI) and their own rules. As some states try to channel the DOL Fiduciary Rule, Jay Clayton and Alex Acosta are, by all, accounts, coordinating on a June unveiling of the SEC Standards of Conduct package with a  proposed DOL exemption and some guidance (i.e., not a new rule on when one becomes an investment advice fiduciary under section 3(21) of ERISA) to follow.

Another Reprise: Look for DOL guidance late summer/fall that complements a final SEC standards of conduct rulemaking package, particularly Reg BI

The NJ fiduciary proposal: “qualitatively different” than the DOL fiduciary rule?

In a recent interview with Fund Intelligence, I discuss why I think the 2016 Department of Labor Fiduciary Rule is qualitatively different from the New Jersey fiduciary proposal.

George Michael Gerstein interviewed on fiduciary duty evolution

I was interviewed by 401(k) Specialist Magazine on the latest re. DOL Fiduciary Rule, Reg BI and state attempts at imposing uniform fiduciary standards of care.

LIMRA indicates that DOL Fiduciary Rule (and its absence) has affected IRA rollover market

Media coverage of our 2019 fiduciary predictions